Aussie Home Loans says loan refinancing soaring

AUSSIE Home Loans has recorded a strong rise in the number of borrowers looking to refinance their mortgages, as home owners try to take advantage of record low interest rates.

The non-bank lender said refinancing accounted for 38.5 per cent of home loans written in June, up from 30.2 per cent in March.

“There have been plenty of home owners who have been complacent about their mortgages,” Aussie founder and executive chairman John Symond said.

“But our figures show that more and more of them are taking advantage of record interest rate lows and are actively seeking out the best deal.”

However, the number of first home buyers settling home loans dropped to 21.3 per cent of total loans written in June, from 32 per cent in March.

“The steam has abated in the first home buyer market as many of them realise that the properties available are probably already at full price,” Mr Symonds said.

“They are re-assessing the market.”

Aussie is one of Australia’s largest non-bank providers of financial services and has a loan book of more than $30 billion.

Source  :  www.news.com.au

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New Smiths Beach plan ready for council

The controversial Smiths Beach tourism development in Yallingup, which has been dogged by scandal in its 10-year history, is set to enter the spotlight again with new plans to be released today.
  
Shire of Busselton planners will release a report on yet-to-be revealed modified plans for the Smiths Beach project, after rejecting previous proposals.   
  
Councillors will debate the plan next Monday.
  
The new plan will be released just days before developer Canal Rocks and the Shire of Busselton go before the State Administrative Tribunal on June 11 for a 12-day hearing into the multi-million dollar development.
  
Canal Rocks wants to build 272 tourist units, 104 homes, two 50-bed hotels, a 60-bed backpacker lodge and about 50 camping sites on 21ha at the southern end of Smiths Beach. 
   
Busselton shire rejected a modified proposal to the plan last December.
  
The Environmental Protection Authority rejected the project in April and said it would affect views of the coastline.
  
But EPA chairman Paul Vogel said a smaller development might be acceptable.
  
Canal Rocks would not comment on the new proposal.
  
The developer has never commented on the EPA’s rejection of its plan. 

 Source : www.thewest.com.au

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Budget ‘could spark multiple birth spike’

Fertility doctors are worried they will be under pressure to implant multiple embryos into women who cannot afford ongoing treatment due to new financial safety net caps, a leading IVF specialist says

Having two embryos implanted into the uterus instead of one raises a woman’s chance of having a multiple birth, says IVF Australia chairman Professor Michael Chapman.

As part of Medicare Safety Net restrictions unveiled in Tuesday’s budget, payments for IVF will be capped at different rates for each stage of treatment once a person reaches the safety net threshold for out-of-pocket medical expenses, which is $1,111.60, or $555.70 for those on low incomes.
This could hit women with an extra $1,500 to $2,000 of out-of-pocket costs per IVF cycle.

There are also caps on safety net payments in other areas including obstetrics, varicose vein and cataract surgery.                                                       

Under the changes, pregnant women who choose to see a private obstetrician will be out of pocket by $550 unless doctors lower their fees.

“That is why the government is urging women to question their doctors about their fees,” Health Minister Nicola Roxon said.

An average of $4.5 million of taxpayers’ money is paid to the top 10 per cent of IVF specialists each year.

But Prof Chapman said the government, which says it wants to crack down on specialists who charge exorbitant fees, was using the figures for political gain.

“For every doctor that gets money, there are 10 staff members, the scientists, counsellors and nurses, they get funded through the rebate,” he told AAP.

Prof Chapman said he accepted there had been a 40 per cent rise in IVF fees over the past five years but said that it was in line with general medical inflation.

Current Medicare rebates, which work out to about $4,200 per child, go towards employing about 2,000 people in private IVF clinics nationally and investing in research and facilities, Prof Chapman said.

He estimated out-of-pocket costs for patients would rise from $1,600 to between $3,000 and $3,500 when the safety net caps come into effect on July 1, 2010.

It can often take more than one IVF cycle for a woman to fall pregnant.

“Certainly, patients are going to be more out of pocket for IVF than they have been in the past,” Prof Chapman said.

He warned doctors would be under pressure to implant more than one embryo per cycle into women as a result of safety net restrictions, increasing the chance of multiple births.

“Over the last five years in Australia the twin rate has dropped dramatically because we have been able to put one embryo back,” he said.

“But if patients think they won’t be able to afford the next cycle they will put a lot of pressure on the doctor to put two embryos back.”

Ms Roxon said her department would work with medical professionals to restructure the system to better reflect stages in a treatment cycle.
www.sbs.com.au

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